Higgins, Riley extend deal deadline

Robert J. Higgins, chairman and chief executive officer at Trans World Entertainment Corp., wants another two months to negotiate a deal to take the company private.

On Wednesday, Higgins signed a new agreement with Bryant Riley of Los Angeles to continue talks until the end of May, according to a filing late today with the Securities and Exchange Commission. The two first started working together in November to jointly buy out other shareholders in the company at $5 a share.

Trans World operates 813 specialty stores that sell CDs, DVDs and other entertainment media, mostly under the name FYE. But it has been struggling due to competition and waning interest in buying music in CD form.